425.40 Low-income fund created.
1. A low-income tax credit and reimbursement fund is created. Within the low-income tax credit and reimbursement fund, a rent reimbursement account is created under the control of the department of human services and a tax credit account is created under the control of the department of revenue. Amounts appropriated to the fund shall first be credited to the rent reimbursement account.
2. a. The director of human services shall use amounts credited to the rent reimbursement account for a fiscal year to pay all claims for reimbursement of rent constituting property taxes paid for claimants described in section 425.17, subsection 2, paragraph “a”, subparagraph (2). If the amount appropriated for purposes of this section for a fiscal year and credited to the rent reimbursement account is insufficient to pay all claims in full, the director of human services shall pay all such claims on a pro rata basis.
b. If the amount appropriated for purposes of this section for a fiscal year and credited to the rent reimbursement account exceeds the amount necessary to pay in full all reimbursement claims for the fiscal year, the department of human services shall transfer such excess amount to the department of revenue for deposit in the tax credit account. The department of revenue shall use any amounts credited to the tax credit account for a fiscal year to pay to the counties all claims for credit for property taxes due for the fiscal year, or if such amount is insufficient, to pay to the counties all such claims on a pro rata basis.
3. In order for the director of revenue or the director of human services to carry out the requirements of subsection 2, notwithstanding any provision to the contrary in this subchapter, claims for reimbursement for rent constituting property taxes paid filed before May 1 of the fiscal year shall be eligible to be paid in full during the fiscal year and those claims filed on or after May 1 of the fiscal year shall be eligible to be paid during the following fiscal year and the director of revenue is not required to make payments to counties for the property tax credit before June 15 of the fiscal year.
93 Acts, ch 180, §9, 22; 97 Acts, ch 23, §48; 2003 Acts, ch 145, §286; 2018 Acts, ch 1041, §127; 2021 Acts, ch 41, §34, 36; 2021 Acts, ch 174, §20, 34, 39
Referred to in §25B.7, 425.23
Section amended
Structure Iowa Code
Chapter 425 - HOMESTEAD TAX CREDITS AND REIMBURSEMENT
Section 425.1 - Homestead credit fund — apportionment — payment.
Section 425.2 - Qualifying for credit.
Section 425.3 - Verification of claims for homestead credit.
Section 425.4 - Certification to treasurer.
Section 425.5 - Correcting listing.
Section 425.6 - Waiver by neglect.
Section 425.7 - Appeals permitted — disallowed claims and penalty.
Section 425.8 - Forms — rules.
Section 425.9 - Credits in excess of tax — appeals — refunds.
Section 425.10 - Reversal of allowed claim.
Section 425.13 - Conspiracy to defraud.
Section 425.14 - False affidavits.
Section 425.15 - Disabled veteran tax credit.
Section 425.16 - Additional tax credit.
Section 425.18 - Right to file a claim.
Section 425.19 - Claim and credit or reimbursement.
Section 425.20 - Filing dates — affidavit — extension.
Section 425.21 - Satisfaction of outstanding tax liabilities.
Section 425.22 - One claimant per household.
Section 425.23 - Schedule for claims for credit or reimbursement.
Section 425.24 - Maximum property tax for purpose of credit or reimbursement.
Section 425.25 - Administration — claim forms.
Section 425.26 - Proof of claim.
Section 425.27 - Audit — recalculation or denial — appeals.
Section 425.28 - Waiver of confidentiality.
Section 425.29 - False claim — penalty.
Section 425.32 - Disallowance of certain claims for credit.
Section 425.33 - Rent increase — request and order for reduction.
Section 425.34 - Rent increase hearings and appeals.
Section 425.35 - Defense to action for nonpayment of rent.
Section 425.36 - Discrimination in rentals or rent charges.